Redesign investment systems to ease pressure on resources: Rizwana

Environment Adviser Syeda Rizwana Hasan on Sunday underscored the need for redesigning investment frameworks to ease pressure on natural resources, alerting that the growing demand for clothing could aggravate resource strain.

Speaking at a dialogue, Rizwana highlighted progress in three key areas, noting that the textile industry is shifting towards more sustainable production.

She said an Industrial Water Use Policy is in the works to help conserve groundwater by introducing usage-based costs, while a binding chemical regulation is also pending to curb the use of harmful substances in locally manufactured products.

In energy, the Adviser said, the government aims to achieve 30% renewable energy use by 2030, with plans to transition government offices as well.

For the tobacco sector, she noted that future regulations will be shaped through consultations with stakeholders and businesses.

The American Chamber of Commerce in Bangladesh (AmCham) hosted the dialogue on ‘Fostering Sustainable Investment’ supported by RecoverTM, Phillip Morris Bangladesh Ltd, and Chevron Bangladesh.

AmCham Bangladesh President Syed Ershad Ahmed mentioned Bangladesh stands at a pivotal moment balancing LDC graduation and climate commitments with the urgent need for sustainable development.

Despite strong economic growth, environmental degradation poses serious risks to health, business, and investor confidence, he said.

“While private sector efforts toward green initiatives are commendable, policy gaps and enforcement challenges persist,” he said, adding today’s dialogue seeks to foster stronger public-private collaboration to position sustainability as a core pillar of Bangladesh’s economic future.

Three AmCham members highlighted their ongoing efforts in green and sustainable investments.

Fehmi Muhsin Yüksel, CFO of RecoverTM, a US company and global leader in large-scale recycled cotton, emphasized that sustainability is now essential in the textile industry.

Countries falling behind risk losing competitiveness, especially as India and China advance with strong incentives.

While Bangladesh has made progress, further action is needed, particularly a robust policy framework, stable raw material supply and a national circularity strategy.

Given the textile sector’s economic importance and Bangladesh’s near-total reliance on virgin cotton imports, increasing recycled cotton use is a major opportunity to diversify and produce cotton ‘Made in Bangladesh’.

Bangladesh, in fact, hosts the world’s largest and most advanced cotton recycling facility, owned by Recover, which remains firmly committed to supporting the country’s sustainable development.

Reza Mahmud, Country Manager of Philip Morris Bangladesh Ltd., highlighted that while smoking harms health and the environment, offering less harmful alternatives like e-cigarettes and heated tobacco products can support public health.

Citing the US FDA’s science-based approval of such products, he stressed that bans are not the solution. Instead, Bangladesh should adopt a science-driven regulatory approach, as seen in countries like the USA, New Zealand, and Saudi Arabia, to promote public health, generate tax revenue, curb illicit trade and prevent youth access.

Muhammad Imrul Kabir, Director of Corporate Affairs, Chevron Bangladesh, highlighted Chevron’s 30-year commitment to Bangladesh’s economic growth and community development.

As the country’s largest producer—supplying 60% of domestic gas—Chevron has invested $4.2B, including $634M in local contracts.

With 97% local workforce, it focuses on capacity building and efficiency. Over $15M has supported programs reaching 120,000+ people through clinics, MSMEs, tree planting, disability aid, training centers, and environmental efforts—advancing 9 of 17 UN SDGs.

Chevron values its long-standing partnership with the Government and Petrobangla, sharing a vision for energy security and sustainable growth, and is exploring onshore opportunities using existing infrastructure, expertise, and advanced technologies.

Forrest E. Cookson, Economist and Former AmCham President stressed that with global inaction on emissions, Bangladesh must prepare for rising heatwaves and sea levels by relocating its population northward and establishing 15 new cities. He urged a national focus on cooling tech, skilled engineers, and a global cooling industry—stressing the need for nuclear energy, electric transport, and AI-driven infrastructure, requiring a strategic shift by the Planning Ministry.

The dialogue concluded with a call to foster more such discussions where key challenges can be openly raised and considered by relevant ministries and regulatory bodies.

These platforms are essential for bridging the gap between government institutions and businesses, enabling all stakeholders to work collaboratively toward practical, coordinated solutions.

After the presentation and remarks, attendees shared their challenges and suggestions for policy alignment in the sustainability in trade and investment climate.

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